Farmers still outpacing last year through three quarters
CANFIELD — Farmers National Banc Corp. reported net income for the third quarter of 2019 was $9.2 million, up from $8.1 million for the same three months last year and from $8.5 million from the previous quarter.
The $9.2 million represents 33 cents per diluted share compared to 29 cents per diluted share last year and 31 cents per diluted share the previous quarter.
The financial results show the Canfield-based bank is outperforming itself from last year with a net income of $26.1 million through September compared to $23.9 million for the same nine months in 2018.
Also, loans were $1.8 billion through September compared to $1.7 billion through September 2018, representing a 5.5 percent increase.
In August, Farmers announced a plan to merge with Maple Leaf Financial, the holding company of Geauga Savings Bank, which has branches in Geauga and Cuyahoga counties. The merger, expected to close in early 2020, increases Farmers’ market share in northeast Ohio.